Award Account Close-Out

All good things come to an end and grants are no exception. As the Principal Investigator, you are responsible for complying with the sponsors terms for sponsored program close-out. Failure to comply with the sponsor’s terms may result in university’s inability to receive reimbursement for your sponsored activities. Private sponsors and foundations traditionally outline their close-out requirements in the award documentation. Grants received from the state and federal government must comply with OMB Uniform Guidance for Grants and Agreements with Institutions of Higher Education. In lieu of formal terms, the Special Funds Accountant will provide the sponsor with a certified close-out financial statement.

As a general rule, most funding agencies require the university to comply with the close-out requirements outlined in OMB Uniform Guidance, sub-part D, 200.343:

(a) Recipients (i.e. university) shall submit, within 90 calendar days after the date of completion of the award all financial, performance, and other reports as required by the terms and conditions of the award. The Federal awarding agency may approve extensions when requested by the recipient.

(b) Unless the Federal awarding agency authorizes an extension, a recipient shall liquidate all obligations incurred under the award no later than 90 calendar days after the funding period or the date of completion as specified in the terms and conditions of the award or in agency implementing instructions.

(c) The Federal awarding agency shall make prompt payments to a recipient for allowable reimbursable costs under the award being closed out.

(d) The recipient shall promptly refund any balances of unobligated cash that the Federal awarding agency has advanced or paid and that is not authorized to be retained by the recipient for use in other projects. OMB Circular A-129 governs unreturned amounts that become delinquent debts.

(e) When authorized by the terms and conditions of the award, the Federal awarding agency shall make a settlement for any upward or downward adjustments to the Federal share of costs after closeout reports are received.

(f) The recipient shall account for any real and personal property acquired with Federal funds or receive from the Federal Government in accordance with Sections 200.31 (real) through 200.78 (personal).

(g) In the event a final audit has not been performed prior to closeout of an award, the Federal awarding agency shall retain the right to recover an appropriate amount after fully considering the recommendations on disallowable costs resulting from the final audit.

It should be noted that extensions should be coordinated through the Office of Sponsored Scholarship and Programs

For more information, please see the Contracts & Grants section of the Finance Forms page.